The Portland daily press., 1887-03-15
MAYOR cHAPMAn's INAUGURAL.
An Instructive Statement of the
citys Condition
What Has Been Done During the
Past Year.

Past Year.
An Address Containing Many valu'
able Suggestions.
The following is the full text Of Mayor
Chapman's inaugural address:
Gentlemen Of the City Council,-As re-
quired by our charter, we are met in conven-
tion to-day to solemnly assume the offices
committed to us by the suffrages of our fell
low citizens. 1t is needless to remind YOU OF
the importance of this act, or of the measure Of
responsibility involved in the acceptance OF
public trust. An answering purpose to place
public interest before all personal considera-
tons should animate the public servant, and,
through no other method Of action, can his
obligation Of office be faithfully discharged.
Following the custom which prevails upon
inauguration, it becomes my duty TO review
the work Of the past year, and make such
suggestions for the future as may seem pro-
motive Of the general welfare.
First Of ALL should be acknowledged with
gratitude the goodness Of the Infinite Father
who has mercifully shielded our city from
calamity, and vouchsafed us year Of conspie-
uous health, prosperity and good order. In
"AoeSfCA dAACShAOh VIC kAhuCt Duchy WntIntT
from commercial industrial or social point
of view, nothing unpleasant appears to awaken
apprehension or produce regret. Portland has
not for many years, it is said, made such rapid
strides in building, as during the past season.
Much capital has been invested in new dwell
ings, indicating a demand for additional
homes. Added to this several business blocks
and small manufactures have been erected,
thereby augmentng valuation unimpaired for
the year by any destructive conhagration
While many cities have been kept in turmoil
Of anxiety and strife by a disturbing conflict
between capital and labor, fortunately our in
dustrial life has moved smoothly on supplied
With an abundance of work at equitable and
satisfactory rates of compensation.
The public health has been excellent, and
much to our qualification, extreme regard for
law has prevailed.
While we thus congratulate ourselves upon
the past, the future looks equally hopeful and
bright. Large expenditures will soon be made
IN the erection of union depot. and the en-
largement of railroad facilities upon the north
and west sides of the city, constituting not
only extensive improvements in themselves but
also heavy additions to our taxable property.
Measures are also being taken TO increase our
elevator capacity, and otherwise provide for
that inflow Of commerce which will inevitably
follow a wise development Of our natural
resources.
The policy Of "paying as we 20" has been
continued during the past year, the financial
close Of which will find US without floating
debt, with an excess Of income to be carried to
the sinking fund. This result, notwithstand-
ing unusual expenditures for the Centennial
celebration, new school house, &C.. has been
attained by levying the same rate Of taxation
as the previous year, thus leading us to expect
decreased rate for 1878. If not possible
this year, it can, certainly, be accomplished by
our successors, because more than $800.000 Of
our bonds, which expire within a few months
can be refunded at per cent interest, COM
manding, at the same time, premium. Fur
thermore our State tax will soon be considera-
bly, reduced, but as a partial offset TO such
reduction, the county makes a larger levy.
Altogether, after carefully surveying the situa-
ton, 1t appears probable that the rate Of taxa
tion can be lessened in the immediate future,
provided that we adhere to our former con-
servative policy in voting appropriations.
Later on, with a continuance Of the same
policy when safe and favorable opportunity
shall arrive for the disposal Of the city's inter-
est in the Portland and Ogdensburg railroad,
together with realization upon its assets Of
gas stock, unproductive real estate, &c., our net
debt viii shrink to such limited proportions as
" COhoGtulc AO DdIElcf 10 du lu0uA OF cuDllHi.
and will bring to our citizens that relief from
taxation to which their enterprise and courage
entitle them after long years Of patient endur-
ance.
In alluding more definitely to the various
departments Of city work, the one to which |
will first call your attention is the financial.
The city treasurer has furnished me with the
following;
STATEMENT OF THE CITY DEBT.
The municipal debt on March 81. 1856.
Less paid and cancelled since that
date. $1,000
Leaving, $4,000
OF which 5000 Is past due but not vet
presented for payment.
Bonds in aid OF Atlantic and st. Law
Due November .. 1886. sa4o,OOO
1855, sOS,OOO
s7s7,OOO
Less amount due Noyem-
Der 2 1886, paid and can
''ll'd' $4,000 $4,000
$1,000 due Nov. 2, 1855, not yet presented
for payment
Bonds in aid of Portland
and Rochester railroad,
Original issue Sl,l50O0O.
Due July /, 1857, S627,50O
July I, 1897, 10000
Bonds in aid of Portland
and Ogdensburg railroad.
Original issue 81 $4,000.
Outstanding, due Sep. l,
Building Loan bonds orig
inal issue $S95,000 Out
standing March 81, 1885, S325,OO0
Less paid and cancelled
Marchsl 1885 sl,OOO $4,000
Gross debt March s, 1887, ss,9l6,5OO
Available assets.
Gas stock, 100 shares, notes receiy-
able and trust funds ON which the
city pays interest only, sl05,6s5l2
Bonds secured by sinking fund and
mortgage of Atlantic and 81. Law.
renee railroad, $5ll,0
Building Loan bonds Sc
cured by mortgages, &C., $4,000 os6,Gao Il
Net debt March s, 1887, without de-
duction OF Portland and Ogdens-
burg railroad stock and its bonds
The gross debt has been reduced the past year
s33s,OO0.
The net DEBT has been reduced, the past year. at
least s57 800, and will be further reduced before
the first OF April next, by dditonal receipts on
sinking fund account, &c.
City bonds mature during the next financial year
lSST-S, as fellows, viz:
In aid of Portland and Rochester rail
road, due July 1, 1887, s627,5
Which il is proposed to refund by the issue Of
new bonds bearing interest payable semi-annually
psyaSe aT Ht Ber eesr per ,n s111% principal
same on or after July /, 1902.
Municipal bonds
due August l, 1887, $4,000
November 1, 1857, l27,5OO
January l, 1883, 1000
A portion of which, say $sOOOO, may probably
be paid from the sinking fund and the balance ex
tended by temporary loan. +.
Building loan bonds
due June l, 1887, $4,000
The building loan commissioners ask for new
Issue Of bonds 10 the amount of 100000 10 enable
them TO pay these bonds and not force a sale Of
real estate under their charge.
Bonds In aid OF the Atlantic and st.
Lawrence railroad, due November 2,
1887, 23gOOO
Funds for the payment of these bonds
at maturity are TO be furnished by the
commissioners OF the Atlantic and st.
Lawrence railroad sinking fund.
Total bonds falling due year lss7-s, sl,363,OOO
The gross city debt has been reduced since April
l, 1871, In the sum of q, los, ,TO0 viz:
Total amount April l, 1871, S6,05O,2O0
Total amount March s. 1881, 39l65O0
Reduction In ten years. $s,I0S 700
And there will be q further reduction
the ensuing year of $1,000
BOARD OF HEALTH.
This board has held many sessions during
the past year, besides requiring the constant
service of an efficient agent. 1t may surprise